Reverse Mortgage News for 08/31/2010



Reverse mortgage is expensive form of borrowing
Q: I just checked on a reverse mortgage. I am 63, own my home and have no immediate family. My home is worth about $137,000. I have an outstanding home-equity loan for $10,500. The bank appraised my home at $125,000, because I have the outstanding equity loan. The interest rate is currently 5.49 percent with a mortgage insurance rate of 0...

American Advisors Group Launches New Reverse Mortgage Website for Seniors - Forbes
IRVINE, Calif., Aug. 13 /PRNewswire/ -- AAG has spent the last 12 months working with reverse mortgage experts, web application specialists and industry advocates to establish a revolutionary new consumer ...

Mortgage delinquency rates mixed - United Press International
WASHINGTON, Aug. 26 (UPI) -- The Mortgage Bankers Association said Thursday delinquency rates on mortgages dropped in the second quarter but remain elevated compared to a year ago. Delinquencies, which count ...

MBA: Florida Q2 mortgage delinquency slips - Tampa Bay Business Journal
Floridas delinquency rate for home mortgages fell in the second quarter to 10.97 percent, a decrease of 35 basis points from the first quarter of the year, according to the Mortgage Bankers Association ...

First Look: Brand New Foreclosure Numbers Reverse MBA Survey's Bright Spots - Yahoo Finance
Barely an hour after I reported the somewhat positive delinquency survey from the Mortgage Bankers Association, I received a soon-to-be released report from Lender Processing Services that threw a bucket of water on the ...

Local New York Media Outlet Runs Reverse Mortgage Feature
Local media outlet NY1 ran a reverse mortgage feature last week, sitting down with Jason Levy, chief executive officer of Guardian First Funding. "An ideal candidate is someone who is having a hard time making ends meet, so to speak, ...

Texas now a large reverse-mortgage market - MySanAntonio
Although reverse mortgages have been widespread across the United States for more than 20 years, the financial product is only 10 years old in Texas this year. The Texas Constitution's strong homestead ...

Reverse Mortgage Loan Blog » Cheaper Reverse Mortgages May Be Coming
The Federal Housing Administration (FHA) is developing a new reverse mortgage product that sharply cuts up-front payments by home owners but also significantly reduces the percentage of a home's equity that can be paid to owners under ...

Goldman swims downstream for PetroAlgae IPO
No client is too small for Goldman Sachs Group Inc these days, even a company with no revenue that's owned by a hedge fund specializing in penny stocks...

House prices set to slump even further as home loans stay scarce
The housing market faces a "double-dip" recession this year, with falling prices and a rising tide of negative equity hitting homeowners hard...

Getting Cash From A Reverse Mortgage | Real Estate Articles
A reverse mortgage enables homeowners more than the age of 62 to cash in on the equity of their house.The homeowner can use these resources in anyway they want.Some have used the cash for extended term care or house improvements...

Fed Officials Saw Risk of Sending Wrong Policy Signal
Some Federal Reserve officials were concerned that a decision to keep securities holdings unchanged would inadvertently signal an intention to resume large-scale asset purchases, minutes of the Aug. 10 meeting showed...

Reverse Mortgage EUR Is It A Big Risk? | Real Estate Articles
A reverse home loan is really a special type of loan that house owners can occasionally get to convert the equity in their houses to cash. Merely, a reverse mortgage is really a kind of loan that offers you having a monthly earnings, ...

Oregon again asks EquiPoint to stop deceptive reverse mortgage ads - Oregonian
The mailing arrives with a check at the top, offering Oregon seniors nearly $100,000 if they sign up for a reverse mortgage . "U.S. Economic Stimulus Package Approves New Payouts for Seniors," read the top of ...

Fed Officials Saw Risk August Decision Would Send Wrong Signal
Some Federal Reserve officials were concerned last month that a decision to stop their securities holdings from shrinking would send the wrong signal that the central bank was ready to resume large-scale asset purchases, minutes of the Aug. 10 meeting showed...

Debt adviser: Should you pay off your mortgage?
Dear Debt Adviser,..

Wibbla Article Directory » Avoiding Reverse Mortgage Scams
And as the interest in reverse mortgages increase, so are the instances of reverse mortgage fraud and scams. Numerous seniors are finding that they have lost hundreds bucks of their hard earned equity to these inverted mortgages scams. ...

Reverse Mortgage Counseling Toolkit | Loans - Credit - Debt .
WASHINGTON (LoanSafe.org) - The US Department of Housing and Urban Development (HUD) recently released the new HECM Counseling Protocol as Appendix 4 of the...

Should I Use Savings in CDs to Pay Off House?
Depleting a savings account to pay off a mortgage could leave you vulnerable in an emergency...

FHA plans to revamp HECM for new reverse mortgage product - Housing Wire
The Federal Housing Administration (FHA) will modify its Home Equity Conversion Mortgage (HECM) product to provide a more affordable reverse mortgage for seniors looking to tap the equity of their homes ...

Rockville man sentenced to 3 years in prison for swindling elderly couple
A Rockville man accused of swindling at least $189,000 from a 91-year-old widow was sentenced Monday to three years in prison, closing a case that began with a chance encounter at a gas station and ended two years later with the victim living alone, deeply embarrassed and picked clean of her. Prison - United States - Crime and Justice - Crime - Human Rights..

HUD Secretary Still Concerned About Housing
Shaun Donovan, Department of Housing and Urban Development Secretary spoke with CNN on its EURœState of the Union" show about the Obama Administration's plan to set up an emergency loan program for the unemployed and a new government ...

Getting The Most From A Reverse Mortgage Calculator | Web Magazine .
Not using the reverse mortgage calculator to the fullest can be a mistake. The online calculators that are available will allow you to bypass the salesman, allowing you to move at your own speed, but you may get answers that aren't ...

Reverse mortgage is expensive form of borrowing - News-Sentinel
Q: I just checked on a reverse mortgage. I am 63, own my home and have no immediate family. My home is worth about $137,000. I have an outstanding home-equity loan for $10,500. The bank appraised my home at $ ...

Reverse mortgages worth a look for some seniors - Oregonian
I spent the last week researching something I can't use for at least three presidential administrations: No, that's not the nickname for loans on homes that are under water or seized by a bank. It's a legit ...

How To Get More From A Reverse Mortgage Calculator | Phoenix Urban .
How do you get the most from a reverse mortgage calculator? More importantly, how do you use it? The benefit to using an online calculator for your reverse mortgage is you won't have any pressures from a sales person urging you to do a ...

Reverse Mortgage Loan EUR Avoid Foreclosure Now | Reverse Mortgage Base
When you are facing foreclosure many recommend the use of a reverse mortgage loan to help save you from an even bigger problem down the road...

Reverse mortgages worth a look for some seniors
IT'S ONLY MONEY finds reverse mortgages a promising option for some seniors. But they ain't for everyone...

U.S. Federal Reserve Meeting Minutes for August 10 (Text)
Following are the minutes of the Federal Reserves Open Market Committee meeting that concluded on August 10...



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